# EXCESS UMBRELLA LIABILITY

## NAMED INSURED ENDORSEMENT

IT IS UNDERSTOOD AND AGREED THAT THE NAMED INSURED, AS SHOWN ON THE POLICY DECLARATIONS, SHALL READ AS FOLLOWS:

INTERNATIONAL BUSINESS MACHINES CORP., IBM WORLD TRADE CORP., AND ANY OTHER SUBSIDIARY OF AFFILIATED CORPORATION PROVIDED SUCH OTHER SUBSIDIARY OR AFFILIATED CORPORATION WARRANTS THAT IS UNDER THE SAME OPERATIVE AND FINANCIAL CONTROL THROUGH THE IDENTITY OF ITS OFFICERS, DIRECTORS OR STOCKHOLDERS AND ANY EMPLOYEE ASSOCIATION THEREOF.

THE EFFECTIVE DATE OF THIS ENDORSEMENT IS May 21, 1977 AT 12:01 AM ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS ENDORSEMENT IS ATTACHED TO AND MADE A PART OF Policy Number ML 65 04 05

ISSUED TO: INTERNATIONAL BUSINESS MACHINES CORP.
BROKER/AGENT: Johnson & Higgins
ADDRESS: 95 Wall Street
New York, New York 10005
DATE OF ISSUE: 5/12/77 BY pf END. NO. 1